A generic property trust is more of a portfolio of commercial properties like office blocks and shopping centres (and possibly resi) that generate rental return, they can be listed and unlisted. Looks like more mezzanine finance as you appear to be funding a new development in place of a bank. Some use it effectively, but you are taking on market, developer and development risk so plenty of dd required. The question should be asked why the developer couldn't get finance at a lower rate.